Ethereum

Bitcoin

when

Time

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The Ethereum (ETH) cryptocurrency is nearing the $4,000 mark for the first time since late 2021, according to the latest <a href="https://www.coingecko.com/">data</a> from CoinGecko.&nbsp;
Currently priced at $3,980, Ethereum's ascent is in line with a broader uptrend in the cryptocurrency market, mirroring the movements of Bitcoin to some extent.&nbsp;
The crypto king has once again surpassed the $68,000 level, and it appears to be on track to hit a new record high. &nbsp;&nbsp;
The crypto market is also being propped up by an ongoing stock market rally. The benchmark S&amp;P 500 rally recently hit a new all-time high.&nbsp;
<h2 id="growing-profitability">Growing profitability&nbsp;</h2>
According to recent data provided by <a href="https://app.intotheblock.com/coin/ETH/deep-dive?group=all&amp;chart=all">IntoTheBlock</a>, 94% of Ethereum holders are making money at the current price, with only 6% at breakeven and none in the loss zone.&nbsp;
An in-depth look at Ethereum’s global in/out of the money indicates that a majority of addresses (94.3%) are "in the money," meaning they would profit if they sold their holdings at the current price. Interestingly, there are no addresses "out of the money" at present, and 5.70% are "at the money," hovering around the break-even point.&nbsp;
This data indicates that the <a href="https://u.today/ethereum-fees-hit-2-year-high-heres-major-driver">Ethereum</a> market is currently experiencing a bullish phase, with most investors sitting on potential gains.&nbsp;
The detailed breakdown of addresses bought at various price points further displays the market's optimism, especially for those who invested when prices ranged between $3,381.23 and $4,579.78.
<h2 id="ether-s-market-dynamics">Ether's market dynamics&nbsp;</h2>
The price correlation with <a href="https://u.today/bitcoin-btc-rally-far-from-over-say-glassnode-cofounders">Bitcoin</a> stands strong at 0.97, highlighting the interconnected nature of the two leading cryptocurrencies.&nbsp;
The holders’ composition by time held shows a stable investment pattern, with 75% holding for more than a year, 21% between one month and a year, and a mere 4% for less than a month.&nbsp;
In terms of transaction demographics, there is an almost equal split between the West (51%) and the East (49%), with transaction volumes exceeding $58.49 billion over the past week alone, reflecting robust market activity.

Ethereum (ETH) Approaching $4K First Time Since Late 2021

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